The risk of a double-dip recession is higher, not lower, due to the European debt crisis, says...

|By:, SA News Editor

The risk of a double-dip recession is higher, not lower, due to the European debt crisis, says Morgan Stanley Asia Chairman Stephen Roach. Every "fix" is followed by an adjustment to the real economy: "We saw that in Asia in the late '90s, we saw that in the U.S. in '08, '09, and we’re going to see that in Europe, certainly in the peripheral countries, with significant multiyear contractions in the years ahead."